In this article:

1. Intro

2. What is a Source of Wealth (SOW) request

3. What is a Source of Funds (SOF) request

4. What is a Source of Crypto request

5. What documents can be submitted

5.1 Fiat Source of Wealth and Source of Funds Supporting Documents for Individuals

5.2 Fiat Source of Wealth and Source of Funds Supporting Documents for Corporate Clients

5.3 Source of Crypto Supporting Documents (Individual and Corporate Clients)

6. How do I submit my supporting documents

1. Intro

Nexo must collect details about clients’ funds in some cases due to regulatory obligations.

If you receive a Source of Wealth/Funds/Crypto request from Nexo, you are expected to provide supporting documentation regarding the origin of your funds.

Note that certain functionalities of your account may be temporarily restricted until the procedure is completed.

You will find additional information about the review process and the accepted documents in this article.

2. What is a Source of Wealth (SOW) request

Source of Wealth describes the origin of your accumulated wealth or total net worth (i.e., how you obtained your funds/assets). SOW does not refer to the location of the funds (e.g., a bank account) but to the activity or the reason that allowed you to accumulate those funds.

For example, SOW could be the sale of real estate property or, in many cases, employment income accumulated over past periods.

3. What is a Source of Funds (SOF) request

Source of Funds refers to the origin of the particular funds being used in a transaction. For example, the Source of Funds you used to top up your Nexo account could be your employment income.

Note: In some cases, your SOW and SOF could be the same. For example, your SOW is your employment income over the years, and your SOF for a specific top-up to Nexo is your latest paycheck. In those cases, the supporting documents you provide should prove both SOW and SOF.

4. What is a Source of Crypto request

Source of Crypto refers to when and where you have acquired your crypto asset(s).

5. What documents can be submitted

Below is a non-exhaustive list of accepted documents:

5.1 Fiat Source of Wealth and Source of Funds Supporting Documents for Individuals

• Employment income
  • Recent payslips, employment confirmation letters, and bank statement(s) displaying employment income for at least the last three months OR
  • Personal income tax return for the latest available fiscal year
    
    
• Freelance income
  • Latest available tax document/s reflecting the received income for freelance activities OR
  • Bank statement for the last 3 months indicating pay date, amount, and entity name, and
  • Invoices, contracts, bidding documents, or sales documents, including e-commerce statements from websites

• Dividends / Income from business
  • Latest company annual accounts / financial statements (audited, if available) and bank statement(s) displaying clearly income from dividends OR
  • Dividend statements and bank statement(s) displaying clearly income from dividends.
• Retirement
  • Bank statements displaying clearly income from retirement for at least the last 3 months OR
  • Bank statement from an Individual Retirement Account (IRA) displaying clearly income from retirement savings/investments.
    
    
• Sale of property / assets
  • Notarised sales contract (signed by all authorized parties) and bank statement(s) displaying income from the sale of asset(s) OR
  • Sale contracts, Settlement/Closing statements, and bank statement(s) displaying income from the sale of asset(s).
• Loan
  • Loan agreement(s) or statement(s) and bank statement(s) displaying clearly deposit(s) from a Loan.
    
    
• Profits from investments / trading
  • Investment statement(s), certificate(s) or agreements and bank statement(s) displaying clearly income from investment OR
  • Letter from a financial advisor detailing the nature of the investment and bank statement(s) displaying clearly income from investment or tax return(s) for the latest fiscal year.
• Peer-to-peer trading (P2P)
  
  • Account statements and trading history from all platforms used for executing the P2P trades, which should include transaction dates, types of assets, and transaction amounts, and

  • Deposit and withdrawal records from the P2P platforms utilized and

  • Bank statement displaying deposits from counterparties on P2P platforms OR

  • Tax statement showing income derived from P2P trading and

  • Supporting documentation that would verify the origin of the trading capital.

• Passive income
  • Latest tax statement or bank statement(s) displaying the received passive income and
  • Other documents proving passive income (e.g., dividend stocks, royalties, interests, affiliate marketing, etc.) for the latest month OR
  • Signed rental/lease agreement along with bank statement(s) displaying rental/lease payments for the last three months.

• Inheritance / insurance
  • A copy of a will or probate and bank statement(s) reflecting the received inheritance or insurance proceeds OR
  • А notarized letter and bank statement(s) reflecting the received inheritance or insurance proceeds.

• Gift
  • Grant and bank statement(s) reflecting the received gift proceeds OR
  • A notarized letter from a donor and bank statement(s) reflecting the received gift proceeds. Information for the relationship with the benefactor and the source of wealth of the benefactor.

• Gambling
  • The last 6 months of profit/gambling statements showing total profit and bank statement(s) for the period, showing the profit withdrawals OR
  • Gambling winning tax reporting records that include dates, amounts won and lost, types of games played, and locations or online platforms used, and
  • Bank statement(s) for the period, showing the profit withdrawals OR
  • Winning Tickets or Receipts along with bank statement(s), showing the profit.

5.2 Fiat Source of Wealth and Source of Funds Supporting Documents for Corporate Clients

• Corporate income:
  
  • The latest company annual accounts / financial statements (audited, if available) OR
  • Corporate income tax return for the latest fiscal year OR
  • Invoices that were issued to your customers, receipts for payments received, and a bank statement displaying the relevant payments OR
  • Contracts or agreements with clients, suppliers, or partners and a bank statement displaying the relevant payments.

• Profits from investments / trading
  • Investment statement(s), certificate(s) or agreements and bank statement(s) displaying clearly income from investment OR
  • Letter from a financial advisor detailing the nature of the investment and bank statement(s) displaying clearly income from investment.
• Dividends
  • latest company annual accounts/ financial statements (audited, if available) and bank statement(s) displaying clearly income from dividends OR
  • Dividend statements and bank / financial statement(s) displaying clearly income from dividends, or a letter detailing dividend details signed by a chartered accountant.
• Loan
  • loan agreement(s) OR financial statement(s) reflecting the amount borrowed.
• Sale of property/assets
  • A notarized sales contract (signed by all authorized parties) or other document reflecting the sale of asset(s) and bank/ financial statement(s) displaying income from the sale of asset(s).
• Clients’/Investors’ funds
  • Bank / financial statements showing the actual contributions OR
  • Any additional documentation displaying the client’s/investors’ contributions.
• Initial investment by the company’s owner(s)
  • Bank / financial statements showing the initial contribution OR
  • Signed shareholder agreement displaying the initial contribution.
• Passive income
  • Latest tax statement or bank / financial statement(s) displaying the received passive income and
  • Other documents proving passive income (e.g., dividend stocks, royalties, interests, affiliate marketing, etc.) for the latest month OR
  • Signed rental/lease agreement along with bank / financial statement(s) displaying rental/lease payments for the last three months.

5.3 Source of Crypto Supporting Documents (Individual and Corporate Clients)

• Crypto assets purchased on crypto exchanges/brokers
  
  • Screenshots reflecting purchase and withdrawal confirmation from the external exchange or wallet, displaying your account ID and all transaction details OR
  • Confirmation emails from the external exchange or wallet that provide proof of purchase and withdrawal OR
  • Receipts that provide proof of purchase (e.g., using an OTC).

• Trading profits from exchanges/brokers
  
  • Screenshots of the transaction history of the external exchange or broker displaying profits OR
  • Transaction history of the external exchange or broker displaying withdrawals to Nexo OR
  • Screenshots of the exchange or broker account displaying your account details.

• Income from services (e.g., affiliate income or other services)
  
  • Detailed description of the service and
  • Receipts for services that have been paid for in cryptocurrencies and
  • Explanations of the origin of the cryptocurrencies used for the payment transactions and
  • Screenshots of your wallets, which show their current income and
  • Screenshots of your transaction history and withdrawal history.

• Initial Coin Offering (“ICO”) and token sales
  
  • Copy of the contract or agreement confirming payment made in cryptocurrency and
  • Full name of the ICO, as well as the associated project’s website and
  • Transaction history that documents the purchase and withdrawal of the token (wallet addresses and transaction ID) and
  • Bank statement, if a fiat currency was used for investing and
  • Confirmation emails, which display the purchase.

• Mining
  • Receipts for the purchase of mining hardware, on which the addresses of the buyer and seller are displayed, or operating cost statements (e.g. electricity bills) issued in your name and
  • Screenshots of the mining platform displaying rewards, hashrate and number of miners or transaction history from and to wallets, which display wallet addresses and transaction IDs (self-made “Excel lists” are not accepted).

• Staking (Master Nods)
  • ​​​​​​​Screenshots of the transaction history of the external exchange or wallet on which deposits, withdrawals, and profits are visible, and
  • Screenshots of the transaction history on which withdrawals to Nexo are visible and
  • Wallet addresses and transaction IDs.

• Airdrops
  • Screenshots of the transaction history of the external exchange or wallet on which deposits, withdrawals, and profits are visible and
  • Wallet addresses and transaction IDs.

• Coin or token swaps
  • Screenshots of the transaction history (wallet addresses and transaction IDs)

• Lending and liquidity pools
  • Screenshots of the transaction history of the external exchange or wallet (wallet addresses and transaction IDs).
    Please clarify where you have topped up the assets as collateral, as well as in what amount and where the collateral that is being used has come from.

Please ensure that the documentation submitted adheres to the following stipulations for proper verification:

1. Accepted file formats: Documents must be submitted in any of the following file formats: .pdf, .png, .jpg, or .jpeg.
2. Complete visibility: For photos or scans, the entire document must be visible, including all four corners.
3. Essential information display: The documents must clearly display your name, the date of the statement, and the transaction dates.
4. Clarity of transaction details: All details within the transactions must be legible and clear.
5. Document relevance and currency: Ensure that bank statements, payslips, or other pertinent documents are relevant to the specified time period.

Compliance with these requirements is essential to ensure the efficient processing of your documentation.

6. How do I submit my supporting documents

If any additional information about your funds is required, Nexo will email you and provide detailed instructions on how to send your documents.

To ensure more efficient service, please respond to Nexo’s using the email address associated with your Nexo account.

All personal information sent to Nexo is kept strictly confidential. More information on Nexo’s policy is available here.

If you have any questions, please contact Nexo’s Care team.